Daily Pivots: (S1) 0.6428; (P) 0.6461; (R1) 0.6502; More...
Intraday bias in AUD/USD remains neutral for the moment. Fall from 0.6624 is at least correcting the rally from 0.5913. Risk will stay on the downside as long as this resistance holds. On the downside, break of 0.6148 will target 38.2% retracement of 0.5913 to 0.6624 at 0.6352.
In the bigger picture, there is no clear sign that down trend from 0.8006 (2021 high) has completed. Rebound from 0.5913 is seen as a corrective move. While stronger rally cannot be ruled out, outlook will remain bearish as long as 38.2% retracement of 0.8006 to 0.5913 at 0.6713 holds. Nevertheless, considering bullish convergence condition in W MACD, even in case of another fall through 0.5913, downside should be contained above 0.5506 (2020 low).
